Customer needs and technology are changing the way banks utilize brick and mortar branches. The ability to deposit checks, transfer money, and pay others by computer or cell phone is lessening the need for in-person banking. The result is fewer and smaller branches.
Since 2010 the number of bank branches in JLL markets has fallen by 5.6 percent. The drop in St. Louis is much lower, only 2.4 percent, the eighth lowest in the country. It’s possible that we are just behind the national trend and more branches will downsize or go away. Many banks have taken great locations in recent years, and the real estate could be more valuable to other users that need exposure. A smaller retail footprint would offer significant savings on real estate costs to any bank.